Iterable is a cross-channel marketing platform valued at $2 billion. The business is challenging Oracle and Salesforce for market share in enterprise computing. The platform simplifies relationships between customers and brands. It also attracts noteworthy clients, including DoorDash and Zillow.
Justin Zhu and Andrew Boni launched the startup in March 2013. They previously worked as engineers at Twitter and Google. According to sources, Zhu was the CEO of Iterable until April 2021, when the board replaced him with Boni.
Iterable did not report on the layoffs. In this article, we will learn more about the business.
About the company
Iterable began when the founders noticed that small businesses needed help to access advanced cloud marketing tools. Boni realized there needed to be more in the market for a platform that could deliver tailored customer experiences quickly and on a large scale.
Iterable’s primary goal has constantly been enhancing consumer and brand interactions. Also, it aims to support marketers in creating impactful experiences and turning ideas into reality. These pivotal moments continue to shape Iterable’s journey and identity.
Today, Iterable’s customer success team continues to be on the front lines, offering support and insights to the startup’s customers.”As our clients succeed, we, too, succeed. It is that simple. That’s why customer success was the first team we focused on developing at the company,” Boni stated.
“In a world that keeps changing and automating, the teams behind the tech—like customer success—drive value,” Boni stated.
Iterable reported a $2 billion valuation
Iterable fired its CEO and co-founder in 2021. A month later, in June, the company announced a $200 million Series E investment round as it prepared for an IPO within the next two years. (as of 2021)
Iterable, founded in San Francisco in 2013, enables businesses to send
- hyper-targeted and automated messages,
- emails,
- push notifications, and
- other information.
Clients include startups like Calm and more prominent companies like DoorDash, Fender Guitars, and Zillow. The company, which delivers tens of billions of messages per month and has over three billion users globally, was valued at $2 billion.
Iterable raised $50 million in Series C funding in March 2019, followed by a $60 million Series D round in December 2019.
According to Boni, who became CEO in May 2021, the company is preparing for an initial public offering within the next 18–24 months.
Iterable’s funding round was scheduled to be announced in mid-April. However, later that month, it terminated Zhu for “many violations of Iterable’s Employee Handbook, policies, and values by Zhu,” according to a spokesperson. The representative declined to go further on the root cause, but he stated that Iterable’s board “took immediate action upon knowing of the issues.”
Iterable is hiring many employees
Iterable’s success is driven by its commitment to fundamental principles such as balance, trust, humility, and keeping a growth mindset. Therefore, Boni considers them while hiring and increasing the number of his employees.
“Every single iterator, what we call employees, is smarter than me in one way or another and brings fresh ideas to the table,” Boni stated. “I’m always challenged and learning. It keeps me longing for more. Iterable’s success stems from the fact that we are constantly working with the smartest people we know.”
When it comes to recruiting and maintaining employees, Boni prioritizes diversity. Iterable’s recruiting staff uses inclusive and gender-balanced language. The firm sources employees directly from minority populations in the software industry and additionally provides quarterly workshop training on unconscious bias.
Iterable selected Markita Jack as a human resources executive to show his dedication to diversity. She had over 17 years of experience.
“I’m dedicated to forming a team that is diverse in thought, background, and perspective,” Boni stated. “This approach is essential in male-dominated fields such as technology, where creativity and iteration are valued. Creating a company that reflects the great diversity of our customers, suppliers, and communities is critical.”
Conclusion
Iterable recently surpassed $200 million in annual recurring revenue. The business also noted that the AI-powered communications platform added 37 new features in 2023. It is “making it the
Iterable is the most potent AI offering in the marketing automation space,” Iterable said. Iterable’s energy is fueled by its continued global growth.
The company’s clientele comprises more than 1,200 brands from 54 countries. “Marketers used Iterable to provide over 200 billion cross-channel messages. Also, they executed nearly 3 million campaigns last year alone,” the business stated.
This massive outreach addressed a varied user population, with over 8 billion customer profiles worldwide. Iterable activated over 1.8 petabytes of data and managed over 1.5 trillion API calls last fiscal year. Thus, it shows its unmatched capacity and top-tier performance in the ever-changing customer engagement environment.”